Erica Smith, a Democrat running for North Carolina’s newly-drawn 2nd Congressional District seat, tweeted: “<a re overcharging us for gas, medicine, and groceries, and pocketing the difference." PolitiFact NC checks her claim.
A Democratic congressional candidate in North Carolina asserts that corporations are currently generating more profit than they have in the last seven decades.
Former state Rep. Erica Smith is campaigning to represent North Carolina’s newly-drawn 2nd Congressional District. On Dec. 30, she tweeted:
“Corporate profit margins are at their highest point in 70 years. Corporations are trying to blame <a re overcharging us for gas, medicine, and groceries, and pocketing the difference.”
Federal data confirms that Smith is correct regarding the collective profit margins of U.S. companies.
American consumers generally pay higher prices for pharmaceuticals than those in other nations. Additionally, oil companies have seen increased earnings recently. However, economists argue that it is misleading for Smith to imply that local grocery stores or gas stations are operating what she characterized as “a racket.”
The statement is partially accurate but omits significant context or necessary details. We rate it Half True.
